Mortgage Rates Increase after Hitting 30 Year Low (FRE)

Hope many of you took advantage of 30 year rates at the record low of 4.71% last week, as of today its back up to 4.81% according to Feddie Mac (NYSE:FRE) and that's if you can qualify. 
Mortgage rates are starting to slide toward 5% in a hurry and we may have seen a bottom in 30 year fixed rates.

Freddie Mac (NYSE:FRE) shares jumped 12% Friday afternoon to close at $1.26 a share for a weekly gain of 15.6%.  But do you really want to buy shares of Freddie?  How about getting a loan with them while mortgage rates are still near record lows.

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Every week we search through the most relevant news on the mortgage and housing industry to help you protect your investments and keep you informed, visit our column Housing, Mortgages & Money.

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The average rate on 30-year, fixed-rate mortgages was 4.81 percent, up from a record-low 4.71 percent last week. The increase broke a five-week streak of declining loan rates.

Last year at this time, the average fixed rate for 30-year mortgages was 5.47 percent.

The average rate on a 15-year fixed mortgage rose to 4.32 percent from a record low of 4.27 percent.

Rates on five-year, adjustable-rate mortgages averaged 4.26 percent, up from last week's 4.19 percent. Rates on one-year, adjustable-rate mortgages fell to 4.24 percent from 4.25 percent.

Borrowers can reduce their rates by buying points, which cost 1 percent of the loan amount. The nationwide averages in Freddie Mac's survey were 0.7 points for 30-year and one-year loans, 0.6 points for 15-year loans, and 0.5 points for five-year mortgages.